Education Loan Interest Rates

Education loan is the best way to pursue higher education without getting your finances disturbed. You can take education loan for courses in India or abroad. For unemployed students, their guardian or parents need to be guarantors.

Using an Education Loan EMI Calculator, you can check the EMI amount that you would have to pay every month. You can check this as many times as you want so you can enter the interest rates offered by different banks to find out which best suits your budget. Hence, an EMI calculator is quite helpful in choosing the right lender.

Top Banks Education Loan Interest Rates

Banks/NBFC

Loan Amount

Rate of Interest

Axis Bank

Up to Rs. 4 Lakhs

15.20%

Loans greater than Rs. 4 Lakhs and upto Rs. 7.5 Lakhs

14.70%

Loans greater than Rs. 7.5 Lakhs

13.70%

Bank of Baroda

For all loan types and amounts

8.50% onwards

Canara Bank

For Vidhya Turant Loan Scheme

6.60%

Up to Rs. 4 Lakhs

10.40%

Rs. 4 Lakhs to Rs. 7.50 Lakhs

10.40%

Loans above Rs. 7.50 lakhs

10.20%

IBA´s Model Loan scheme for Vocational Education & Training

9.90%

HDFC Bank

Minimum APR

9.00%

Maximum APR

13.86%

Average APR

11.57%

Kotak Mahindra Bank

For all loan types and amounts

11.5% to 24%

Punjab National Bank

PNB Kaushal

8.55% onwards

PNB Saraswati/Udaan

10.30% onwards

PNB Pratibha (for admission to IITs , IIMs and XLRI Jamshedpur)

8.45% onwards

PNB Pratibha (for admission to other colleges)

8.55% onwards

PNB Honhaar

10.45%

State Bank of India

Up to Rs. 7.5 Lakhs

10.25%

Above Rs. 7.5 Lakhs

10.50%

Avanse

For all loan types and amounts

10% to 16.50%

Credila

For all loan types and amounts

11.85% onwards

SBI Education Loan Interest Rate

SBI education loan is available without any processing fee and repayment period of up to 15 years after Course Period. It offers loan of up to Rs 20 Lakhs and loan for numerous courses and universities.

Loan Amount

Rate of Interest*

For loans up to Rs 7.5 Lakhs

10.25% p.a.

Above Rs. 7.5 Lakhs

10.50% p.a.

0.50% concession in interest for girl student

0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of SBI

1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration

IT exemption under Section 80(E) in respect of interest paid in all Education

Indian Bank Education Loan Interest Rate

Indian Bank offers education loan to meet the cost of education that includes fee payable to college/school/hostel, exam fees, purchase of books/equipment’s, travel expenses/passage money for studies abroad, purchase of computers essential for completion of the course, etc.

For meritorious and deserving candidates, the loan quantum can be further increased.

Canara Bank Education Loan Interest Rate

Canara Bank takes nil margins and offers 100% finance for loans up to Rs 4 Lakh. It allows multiple co-borrowers for the loan for maximum loan. Loans up to Rs 4 lakh are available without collateral and up to Rs 7.5 lakh with third party guarantee. And loans above Rs 7.5 lakh can be availed by submitting the adequate collateral asked for.

Interest Rates

Courses in India

Courses Abroad

IIT, IIM, ISB Courses

Vidhya Turant Loan Scheme

6.60%

Loans up to Rs. 4 lakh

10.40%

10.40%

10.40%

Loans Rs. 4.0 – 7.5 lakh

10.40%

10.40%

10.40%

Loans > Rs. 7.5 lakh

10.20%

10.20%

10.20%

Andhra Bank Education Loan Interest Rate

Andhra bank offers education loan for higher studies in India and Abroad and educational loans for pursuing Vocational Courses. And any individual of any age group is eligible for an education loan.

Loan Amount

Rate of Interest

Up To Rs. 7.50 Lakhs

MCLR(one year) + 2.00 %

Above Rs. 7.50 Lakhs

MCLR(one year) + 1.70 %

0.50% concession for girl students.

Concessional interest rates also apply for student who is pursuing their education at premier institutions.

Simple interest will be charged through the study period and up to the commencement of repayment.

Accumulated interest will be compounded at the start of repayment tenure and the applicable EMI will be fixed accordingly.

PNB Education Loan Interest Rate

Education loan by PNB helps to meet the educational needs such as fee payable to school/college/hostel, examination fee, insurance premium etc. The rate of interest charged by PNB is mentioned below-